Everyone loves to blame poor people for our financial problems. The housing bubble was due to too many loans to poor people, the 47% riding the govt gravy train, etc..

But little is mentioned about how the 'smarter' folks can't pay their bills.

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And while it is impossible using historical data to extrapolate with precision what the current consolidated federal student loan default rate is, we do know that there is now $914 billion in federal student loans (which also was mysteriously revised over 50% higher by the Fed just a month ago). Using simple inference, all else equal (and all else has certainly deteriorated), there is now at least $122 billion in federal student loan defaults. And surging every day.